Sam Zell, Chairman of Equity LifeStyle Properties, Inc. (ELS) tells Fortune magazine the stock market is riding high but the underlying fundamentals are weak and the market will fall. “The current euphoria in the stock market will be adjusted, and I hope that’s all that happens,” he says. Noting that large investors are buying houses in quantities, which is pushing up prices, he says they may end up losing money because managing a house is much different than managing apartments. He says the stock market is like the housing bubble right before it popped, and criticizes the Federal Reserve for its Quantitative Easing, which will eventually lead to inflation. “We’re seeing a tsunami of liquidity. But I don’t know that necessarily means things are better,” he adds. As MHProNews knows, ELS is the largest owner of manufactured housing and recreational vehicle communities in North America with 380 properties and over 140,000 homesites.
